Hilton Grand Vacations refinanced and increased the capacity under its existing revolving facility from $800 million to $1 billion. As of the transaction close, $699 million remains available under the revolver.
“This new credit facility demonstrates the continued optimization of our capital structure following the successful acquisition of Diamond Resorts,” Dan Mathewes, senior executive vice president and CFO of Hilton Grand Vacations, said. “Its larger capacity and improved pricing spreads will provide the scale and flexibility to execute HGV’s diversified capital deployment strategy, enabling us to further our position as the premier timeshare network for our members and guests.”
Bank of America will remain the administrative agent for the new revolving credit facility. Barclays Bank, Deutsche Bank Securities, JPMorgan Chase Bank, MUFG Bank and Wells Fargo Bank acted as co-syndication agents for the new revolving credit facility.
PJT Partners advised Hilton Grand Vacations on the revolving facility recast. Alston & Bird and Simpson Thacher & Bartlett represented Hilton Grand Vacations in this transaction.
Hilton Grand Vacations will use proceeds of the term facility for working capital and general corporate purposes.